Westpac taps Asia and Europe for tier two

21 Aug 2012

Westpac on Wednesday followed fellow antipodean Australia & New Zealand Bank into the subordinated market, pricing a 10.5 year non-call 5.5 dollar tier two deal that received strong support out of Asia and Europe.

Lead managers Citi, Deutsche Bank, JP Morgan and Westpac had gathered $3.8bn of orders by late morning London time, and had tightened guidance in from an initial level of 310bp over US Treasuries to 295bp plus or minus 5bp. Neither the final spread nor the deal size were ...

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